Ch18 Terminology

Question 1

Acceptance

Answer 1

Assents to the terms of the offer

Question 2

Avoid

Answer 2

to annul, cancel, or make void. to get out a voidable contract; repudiate

Question 3

Bargain

Answer 3

agreement

Question 4

Bilateral Contract

Answer 4

a contract containing two promises, one made by each party

Question 5

Capacity

Answer 5

legal competency

Question 6

Click-wrap Agreement

Answer 6

an advertising contract online in which the offered enters into a contract by clicking on a dialog box on an internet website

Question 7

Condition Precedent

Answer 7

an event that must first occur before an agreement or deed or will becomes effective

Question 8

Contract

Answer 8

any agreement that is enforceable in a court of law

Question 9

Contract Implied In Fact

Answer 9

a contract imposed by law to prevent unjust enrichment

Question 10

Counteroffer

Answer 10

a response to an offer in which the terms of the original offer are changed

Question 11

Disaffirm

Answer 11

to get out of a voidable contract; repudiate

Question 12

E-contract

Answer 12

contracts entered into over the internet, including licenses to use software

Question 13

Executed

Answer 13

carried out or performed

Question 14

Executory

Answer 14

that which is yet to be executed or performed

Question 15

Express Contract

Answer 15

a contract in which the terms are stated or expressed by the parties

Question 16

Implied Contract

Answer 16

a contract in which the terms are not stated or expressed b the parties

Question 17

Infant

Answer 17

the legal name for a minor

Question 18

Invitation to Deal/Invitation to Negotiate

Answer 18

a request to an individual or to the public to make an offer.

Question 19

Majority

Answer 19

full age; adulthood

Question 20

Minor

Answer 20

a person under the age of majority; usually under 18

Question 21

Necessaries

Answer 21

food, clothing, shelter, and medical care that are needed by an infant, but not supplied by a parent or guardian

Question 22

Nullity

Answer 22

nothing; as though it had not occurred

Question 23

Offer

Answer 23

a proposal made by an offeror

Question 24

Offeree

Answer 24

one to whom an offer is made

Question 25

Offeror

Answer 25

one who makes an offer

Question 26

Quasi

Answer 26

as if; almost as it were

Question 27

Quasi Contract

Answer 27

a contract imposed by law to prevent unjust enrichment.

Question 28

Ratify

Answer 28

approve; confirm

Question 29

Rejection

Answer 29

the refusal by an offeree of an offer

Question 30

Restitution

Answer 30

restoration made to an injured person to his or her original position prior to a loss

Question 31

Revocation

Answer 31

the act of revoking; the taking back of an offer by an offeror before it has been accepted

Question 32

Unenforceable Contract

Answer 32

a contract that cannot be enforced for some legal reason

Question 33

Unilateral Contract

Answer 33

a contract containing one promise in exchange for an act

Question 34

Unjust Enrichment

Answer 34

the situation that occurs when one person retains money, property, or other benefit that in equity and justice belongs to another

Question 35

Valid

Answer 35

good; having legal effect

Question 36

Void

Answer 36

not good; having no legal effect

Question 37

Voidable

Answer 37

capable of being disaffirmed or voided